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American Financial Group, Inc. (NYSE: AFG) is a premier insurance holding company headquartered in Cincinnati, Ohio. Through its principal subsidiary, Great American Insurance Group, AFG specializes in property and casualty insurance services, focusing on niche commercial products tailored for businesses. Established in 1872, Great American Insurance Group provides vital insurance coverage across all 50 states through a network of independent agents and brokers. Apart from property and casualty insurance, AFG also operates in the annuity market, offering traditional fixed and fixed-indexed annuities, particularly in the education, bank, and individual sectors.
Recent financial performance highlights include a third-quarter net earnings report of $177 million for 2023, reflecting a $2.09 earnings per share. Core net operating earnings rose to $2.45 per share, marking a significant 9% increase from the previous year. This robust performance was driven by higher net investment income, despite a slight decrease in underwriting profits within the Specialty Property and Casualty insurance operations.
AFG continues to show a strong annualized return on equity (ROE), with a third-quarter ROE of 15.7% and a core operating ROE of 18.3%. The company reported an overall 7% renewal rate increase, excluding workers’ compensation, and maintained its annual earnings guidance at $10.15 to $11.15 per share for the full year 2023. Additionally, AFG's Board of Directors declared a $1.50 per share special dividend, underscoring the company's commitment to returning value to its shareholders.
With significant excess capital and a strong balance sheet, AFG continues to pursue growth opportunities within its core insurance businesses while maintaining a prudent capital management strategy, including regular and special dividends and strategic share repurchases. The company's focus on specialization and deep market expertise positions it well for sustained growth and profitability in the competitive insurance landscape.
American Financial Group (NYSE: AFG) will release its 2021 second quarter results on August 3, 2021, at 5:00 p.m. ET. The results will be accessible on AFG’s website. A conference call to discuss the results is scheduled for August 4, 2021, at 11:30 a.m. ET, with options to participate via telephone or internet. Replay options will be available after the call. AFG is based in Cincinnati, Ohio, and primarily focuses on property and casualty insurance through Great American Insurance Group.
American Financial Group, Inc. (NYSE: AFG) declared a $0.50 per share dividend, payable on July 26, 2021, to shareholders on record as of July 15, 2021. This dividend declaration reflects the company's commitment to returning value to shareholders. AFG is an insurance holding company based in Cincinnati, specializing in property and casualty insurance through its Great American Insurance Group.
American Financial Group (NYSE: AFG) has completed the sale of its annuity business, including Great American Life Insurance Company and its subsidiaries, to MassMutual for approximately $3.5 billion in after-tax cash proceeds. AFG declared a special cash dividend of $14.00 per share, totaling about $1.2 billion, payable on June 15, 2021. This is in addition to the regular quarterly dividend of $0.50 per share. The company’s Board of Directors also authorized a share repurchase of up to 5 million shares through 2025, underscoring its focus on the Specialty P&C market and commitment to returning capital to shareholders.
American Financial Group (NYSE: AFG) announced approval from the Ohio Department of Insurance for its sale of Annuity businesses to Massachusetts Mutual Life Insurance Company. The sale, which includes Great American Life Insurance Company and its subsidiaries, is set to close on May 28, 2021. AFG anticipates receiving after-tax cash proceeds of $3.4 billion from this transaction, marking a significant financial move for the company.
American Financial Group (NYSE: AFG) announced a special cash dividend of $12.00 to $14.00 per share, pending Board approval, following the $3.4 billion after-tax cash sale of its Annuity business to Massachusetts Mutual Life Insurance Company. The sale is anticipated to close in Q2 2021, which is expected to enhance shareholder value significantly.
American Financial Group (NYSE: AFG) announced a virtual investor forum hosted by Piper Sandler on June 8-9, 2021, featuring Co-CEOs Carl H. Lindner III and S. Craig Lindner, along with CFO Brian S. Hertzman. The investor materials will be available on AFG's Investor Relations page at www.AFGinc.com before the meetings. AFG, based in Cincinnati, Ohio, focuses on property and casualty insurance and annuities. The company is in the process of selling its annuity business to Massachusetts Mutual Life Insurance Company, with the sale expected to finalize in Q2 2021.
American Financial Group reported Q1 2021 net earnings of $419 million ($4.84 per share), a significant rebound from a $301 million loss in Q1 2020. The results reflect $213 million in after-tax non-core items. AFG's discontinued annuity operations contributed $152 million ($1.76 per share) to earnings. Core net operating earnings rose to $206 million ($2.38 per share) from $125 million in Q1 2020. The company's book value per share reached $78.53 with an impressive 29.9% annualized return on equity.
American Financial Group (NYSE: AFG) will release its 2021 Q1 results on May 4, 2021, post 5:00 p.m. ET, accessible on www.AFGinc.com. A conference call to discuss the results is scheduled for May 5, 2021, at 11:30 a.m. ET. Participants can join via telephone (1-877-459-8719) or the internet (link). An archived webcast will be available until May 12, 2021. AFG is an insurance holding company focused on specialized commercial insurance and annuity sales, recently announcing the sale of its annuity business to Massachusetts Mutual Life Insurance Company.
American Financial Group (NYSE: AFG) has declared a regular dividend of $0.50 per share for its common stock. This dividend is scheduled for payment on April 26, 2021, to shareholders on record as of April 15, 2021. AFG is primarily involved in property and casualty insurance and the sale of traditional fixed and fixed-indexed annuities. The company is in the process of selling its annuity business to Massachusetts Mutual Life Insurance Company, with the deal expected to close in Q2 2021.
On March 23, 2021, Envestnet (NYSE: ENV) and Fiduciary Exchange LLC (FIDx) announced a partnership with Great American Life Insurance Company. This collaboration allows Great American's annuity solutions to be accessible to financial advisors through multiple platforms, including Envestnet Insurance Exchange and FIDx's Protection Intelligence. This move enhances FIDx's product offerings, catering to the need for secure retirement solutions. The partnership reflects a trend toward integrating insurance products into holistic financial planning for clients.
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